IRS audits of high earners are incredibly effective at raising tax revenue and reducing deficits.
New research shows that for each $1 spent on an audit of a high income individuals, the audit recovers $2 in tax revenue immediately, and then another $10 over the next 14 years as audited individuals voluntarily pay more in taxes due to deterrence effects
If you ever wondered why Republicans like firing tax collectors....
I saw a number recently that under payment of taxes, intentional or not, costs the US hundreds of billions every year. And if you include use of loopholes to avoid tax - like offshore shell companies - it rises to two trillion dollars a year. That's about $6000 per man woman and child in the US. That's surely enough to fully fund social security, provide healthcare for all, feed the hungry, house the homeless, and probably still have some left over for a rainy day.
Ben Zipperer
MaximumEffort433
enmodo ⚛️ 🧬 🇺🇦 🍉